Vail Resorts has announced a $60.6 million loss for the August-October quarter, compared to $55.7 million in the same period last year.

The resort company's total net revenue for the quarter was $116.4 million, almost identical to the revenue from the same quarter of last year.

Vail Resorts always posts a loss in its first fiscal quarter, when its ski areas are not open and summer business fades in the fall. But the company has worked to offset that loss with season pass sales, and earlier this year acquired California's Kirkwood ski area to bolster sales of its now-seven-resort, two-state Epic Pass.

Season pass sales through Dec. 2 were up 5 percent in units and 8 percent in revenue, compared to the same period last year and adjusted as if Kirkwood was already in the company's quiver of ski areas.

Pass sales for its Tahoe resorts and international pass sales are fueling the increase, even though the spike is less than expected after strong sales in the spring, said Vail Resorts chief Rob Katz. Pass sales now account for 45 percent of the company's lift ticket revenue, which reached $342.5 million in fiscal 2012.

Vail's earnings from resort operations -- including its mountain and lodging businesses -- were $54.5 million for the quarter, compared to $50.2 million in fiscal 2012. The company cited increased summer business at its resorts for the increased earnings, with increased group business at Keystone helping to stem first-quarter losses.

Katz said winter reservations are slightly down compared to last year but Keystone is pacing ahead of last year thanks to the resort's new Kids Ski Free program.

Historically, less than half of Vail Resorts reservations are booked by early December.

"It is important to remember that it is still very early in the season with plenty of time for things to improve before the holidays," Katz said.

Still, Katz said the previous earnings announcement in September, when he offered guidance of 27 percent to 32 percent growth in resort earnings, would be revisited after the holidays and warned analysts to expect a smaller window for resort earnings growth.

"When we issued guidance back in September, it was predicated on normal weather," said Katz, saying he was being "upfront and transparent" with the fact that

Colorado's warm start to winter has affected bookings. "We are seeing trends that could affect that range."

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